Yearly profit and loss template

The Ministry of Planning and Investment (MPI) has affirmed its position as the pioneer in innovation through providing advice and crafting policies, contributing to socioeconomic development and the improvement of the country’s business climate. The MPI evaluated its past year spent in the spirit of "pioneering innovation” Pioneering innovation At the 2018 review meeting of the MPI held on January 16, Minister of Planning and Investment Nguyen Chi Dung said: “Renovation and innovation, which have been the Party and the government’s policy for more than 30 years, are essential for development. The MPI, the agency providing general advice on strategies, master plans, plans for national socioeconomic development, asks all of the ministry’s officers to innovate and reform by providing advice on policy drafts.” At last year’s review meeting of the ministry, Prime Minister Nguyen Xuan Phuc recognised the officers of the planning and … [Read more...] about A year pioneering and innovation

About 88 per cent of banks are confident in their profit growth this year Apart from several banks that have downwardly revised their full-year profit targets as they are approaching the credit growth limit, many other banks insist on retaining their profit targets for 2018. In the first half of this year, Ho Chi Minh City-based ACB posted a record pre-tax profit reaching VND3.15 trillion ($139.4 million), a 2.5-fold increase against the corresponding period in 2017. The bank has set forth the full-year pretax profit target of VND5.69 trillion ($252 million) and bank executives even expect that their pretax profit this year could amount to VND6 trillion ($265.4 million). ACB increased their profit target during the period in the wake of sharply rising incomes from different sources. Accordingly, its net interest income rose by 23.8 per cent in the first half to reach VND4.86 trillion ($215 million). Its earnings from service activities soared by 38 per cent to VND746 billion ($33 … [Read more...] about Banks upbeat about reaching full-year profit targets

MobiFone, one of Viet Nam’s three largest mobile network operators, has reported a year-on-year decline of 42 per cent in post-tax profit in the second quarter of this year, falling to VND947 billion (US$41 million). The company earned VND8.42 trillion in revenue in the second quarter, down 17 per cent compared to last year. In the first six months of this year, MobiFone’s revenue also decreased by 8 per cent to VND17.2 trillion. The high cost of goods and expenses led to a post-tax profit of only VND1.95 trillion, down 26 per cent year-on-year. As of June 30, cash and under-three-month deposits of MobiFone’s soared to nearly VND10.6 trillion compared to VND1.8 trillion at the beginning of the year, most of which was from shareholders of multimedia company Audio Visual Global (AVG). At that point in time, MobiFone still owned 95 per cent of AVG, equivalent to VND8.9 trillion. But in March, the two sides decided to cancel the share transfer agreement. According to Pham … [Read more...] about MobiFone suffers drop in profit and revenue

Vietnam International Bank (UPCoM: VIB) has released its unaudited financial statement for the first half of 2018 with positive performance in key indicators of pre-tax profit, total deposits, and lending as well as non-performing loans (NPL). Accordingly, VIB reported VND1.151 trillion ($51.15 million) in pre-tax profit in the first six months of the year, up 216 per cent on-year. Net revenue increased by 56 per cent to VND2.701 trillion ($120.04 million), while operating expenses picked up by some 16 per cent to VND1.316 billion ($58.48 million) on-year. Credit loss provisions were kept at a low level of VND234 billion ($10.4 million) at the end of the period. Lending and deposits reached VND91.7 trillion ($4.075 billion) and VND83.168 trillion ($3.69 billion), advancing by 8.94 and 7.1 per cent on-year. The Hanoi-based lender was also able to manage its other financial ratios, including the ratio of short-term deposits used for long-term loans at 40.7 per cent … [Read more...] about VIB reports over 200 per cent swell in half year profit

Compiled by Thiên Lý Vietcombank reportedly plans to revise its profit target for this year from VNĐ13 trillion (US$572.7 million) to VNĐ14 trillion ($616.7 million). If true, it will be the second time the country’s largest bank adjusts its target this year. At its annual general meeting in April the target had also been increased by VNĐ1 trillion to VNĐ13 trillion. The second revision follows a sharp rise in profits – by a record 59.3 per cent — in the first quarter to VNĐ4.36 trillion ($192 million). Though they do not have plans yet to revise their profit targets this year, many other lenders also believe their bottom lines will exceed the targets. Asia Commercial Bank for instance reported profits of VNĐ1.49 trillion in the first quarter, a year-on-year increase of 151 per cent. Its general director, Đỗ Minh Toàn, said the bank would make an all-out effort to resolve its non-performing loans (NPLs) … [Read more...] about Banks revise profit targets upwards as profits surge